duck
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Post by duck on Aug 7, 2016 16:02:18 GMT
Is it possible to upload the valuation document again please fundingsecure ... very blurred at present! .... and before anybody suggest it no I haven't been at the sauce!
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Post by fundingsecure on Aug 7, 2016 16:04:22 GMT
Give me a few minutes - will see what I can do
FundingSecure
New copy now available that is clearer - you may need to refresh page to see the new version.
FS
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SteveT
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Post by SteveT on Aug 7, 2016 16:05:02 GMT
.... and before anybody suggest it no I haven't been at the sauce! Orange sauce?
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duck
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Post by duck on Aug 7, 2016 16:44:53 GMT
Give me a few minutes - will see what I can do FundingSecure New copy now available that is clearer - you may need to refresh page to see the new version. FS Thanks for such swift action
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bernard
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Post by bernard on Aug 9, 2016 14:26:53 GMT
Some questions on this valuation: The valuation of the property is given as 2mm, which seems to represent the full valuation of 3.15mm with planning approved for the proposed assisted living scheme, discounted for the 'realistic' expectation of such planning consent being granted. Elsewhere it is stated that the property could alternatively be developed into flats if such planning for assisted living is not forthcoming. fundingsecure would there be further planning approval required for the residential conversion? If so, are there any data points to suggest the likelihood of such residential scheme being approved? Is there any valuation of the alternative residential scheme, both with and without planning consent? (obviously less than the assisted living scheme, but how much less?) Furthermore, is there any evidence of the site value, were the planning consent for neither scheme to be forthcoming (ie an 'as is' valuation)? For instance the purchase price of the property in question would be useful, although that would also contain some element of planning uplift potential. Kind regards
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locutus
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Post by locutus on Aug 9, 2016 15:30:35 GMT
What I don't understand is that planning is for 22 one bedroom apartments. The comparable section shows that the most expensive one bed rents are £162 per week. For £246 per week, you can get a three bedroom. Why does the projected income section of the valuation suggest that this development can get £250 per week for a one bedroom apartment? That seems a tad optimistic to me.
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bernard
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Post by bernard on Aug 16, 2016 18:28:58 GMT
Unclear to me whether comps are for assisted living apartments or normal ones (if there is a difference?). Seems like another black hole of information from fundingsecure.
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Post by fundingsecure on Aug 16, 2016 21:15:24 GMT
Thank you for your questions.
The rental of £250 pw supports a valuation of £3.1m, which is the assisted living valuation i.e. with full planning permission. These rents are high because of the nature of the assisted living scheme.
The valuation of £2m, which is an open market value at this point in time, discounts the above valuation for the risk element as well as considering alternative uses. In the event of an assisted living scheme not being granted, the rentals would be lower and in line with the comparables on K.02 - again supporting a lower valuation. Whilst we understand planning permission would be required for conversion to normal flats (i.e. non-assisted living), the likelihood of this is very high as the building is currently empty and in a residential area.
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bernard
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Post by bernard on Aug 18, 2016 8:34:38 GMT
Thankyou, that helps. There is just one other unanswered question though fundingsecure, is there any valuation of the building 'as is' without either of the planning approvals?
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Post by gaspilot on Dec 20, 2016 7:59:23 GMT
Thankyou, that helps. There is just one other unanswered question though fundingsecure , is there any valuation of the building 'as is' without either of the planning approvals? An answer to this question would be most helpful.
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mikes1531
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Post by mikes1531 on Dec 21, 2016 4:02:03 GMT
Thankyou, that helps. There is just one other unanswered question though fundingsecure , is there any valuation of the building 'as is' without either of the planning approvals? An answer to this question would be most helpful. And perhaps fundingsecure could explain the final sentence in the description of the loan currently being funded... Am I the only one confused by that?
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fp
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Post by fp on Dec 21, 2016 21:17:41 GMT
An answer to this question would be most helpful. And perhaps fundingsecure could explain the final sentence in the description of the loan currently being funded... Am I the only one confused by that? Typo's are a strong point with FS, they really need to start and proof read things before they email them or put them live on the website..... Search "Surrey property" in live loans and see how much sense they make!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 16, 2017 12:53:31 GMT
Now Renewing :-
This is a renewal meaning the borrower has paid interest to renew for a further 6 months.
This is a 6 month loan for £750,000 secured by a first legal charge on a substantial property in Southampton valued at £2m. The borrower is seeking consent for replacement of the site to a supported living scheme of 19 units. The loan will be refinanced once the necessary planning permissions have been obtained. see attached news coverage.
Plans have been submitted to the council. The original plans were submitted in October but had to be resubmitted due to a Tree Preservation Order.
Loan will pay base Interest of 13% pa plus bonuses.
Two further loans totalling £250,000 have been issued against this security which rank behind this loan.
Southampton Property
Southampton Property
A building comprising approx 7,500 square feet most recently used as a day centre. The borrower is acquiring the property from a Trust, who are keen to sell. The property extends across 2 freehold titles having previously been two residential homes, with substantial additions. The property is in a mainly residential area in the Portswood District of Southampton.
For lending purposes, the site has been valued at £2.0m on an open market basis with the reasonable expectation that planning would be granted either for this scheme or for an alternative residential scheme. In the event that planning permisison for assisted living is not granted, it is envisaged that the site can be readily redeveloped into flats.
Valuation: £2,000,000
Full details available on the website..
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Doc
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Post by Doc on Feb 16, 2017 15:54:16 GMT
Always worth checking the planning applications that were submitted to the council, in this case : planningpublicaccess.southampton.gov.uk/online-applications/I just used the postcode from the valuation, however in this case there is no mention of any plans being submitted. I thought the original plans were submitted in October and have now been resubmitted due to a Tree Preservation Order ?
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SteveT
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Post by SteveT on Feb 16, 2017 16:02:11 GMT
Generally speaking, new planning applications are only "registered" and uploaded to planning portals after an initial screening of the documents provided. Perhaps the lack of an arboricultural survey and report was identified at that stage and so the application was not registered.
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